Paired with a high-deductible health plan (HDHP), a health savings account (HSA) allows you to deduct a set amount of pre-tax money from each paycheck to pay for certain IRS-qualified out-of-pocket health expenses, such as copays, hospital stays, prescription drugs, and more.
Simply use your HSA debit card at the point of sale for services, or file a claim for reimbursement. Since the IRS governs this pre-tax benefit, you can only use your HSA funds for IRS-approved expenses.
Download a complete list of eligible expenses, plus a printable summary of the HSA:
Watch this video for a quick overview of the HSA!
Questions? We have answers! Here are your most frequent HSA questions.
A: Determine how much you want to contribute during the year to cover out-of-pocket health expenses. Throughout the year, we withhold that amount from your paycheck pre-tax in equal installments and deposit it into your HSA.
When you have an eligible expense, submit a claim for reimbursement or use your HSA debit card. Save your receipts; you may be required by the IRS to verify expenses.
A: While similar to a an FSA, there are key differences.
A: To be eligible for an HSA, you must be enrolled in a high-deductible health plan (HDHP).
A: The maximum may adjust annually for inflation. For the current maximum, see IRS Publication 969. There is no minimum.
A: Funds are available as they are deducted from your paychecks and deposited into your account. Unlike the FSA, funds are not available in a lump sum up front.
A: Nope. The HSA is not subject to the FSA's calendar year rules. All of your funds roll over each year and remain available. You will need to re-enroll each year to continue deductions.
A: Although IRS rules state you cannot have both an HSA and FSA in the same tax year, there are exceptions. You may use the HSA with the child-care DCA and the parking & transit FSAs.
You may also use an LPFSA concurrently with HSA to cover dental and vision and post-deductible expenses only. It is subject to the same IRS and "use it or lose it" regulations as other FSA funds.
A: Yes, changes may be made to HSA elections throughout the year as long as the total annual amount does not exceed the maximum allowed by IRS regulations.
If your employment terminates, you still have full access to your funds. Your account remains yours and is available for use until you roll over, exhaust, or close the account.
As mentioned above, HSAs can only be used in conjunction with a qualified high-deductlbe health plan (HDHP).
Watch this video to learn more about the HDHP.
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